STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION

37
STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION JANUARY 2015

Transcript of STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION

Page 1: STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION

STRABAG SEBOND ISSUE 2015INVESTOR PRESENTATION

JANUARY 2015

Page 2: STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION

DISCLAIMER

This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information.

This presentation speaks as of January 2015. The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person (i) accepts any obligation to update any information contained herein or to adjust it to future events or developments or (ii) makes any representation or warranty, express or implied, as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting.

This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes“, "expects”, "predicts”, "intends”, "projects”, "plans”, "estimates”, "aims”, "foresees”, "anticipates”, "targets”, and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions

underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

The presentation does not constitute an offer or invitation to purchase or subscribe for any securities, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation constitutes no offer or solicitation to buy any securities of STRABAG SE. A public offer of securities of STRABAG SE may only be made in Austria and Germany on the basis of the prospectus approved by the Austrian Financial Market Authority (Finanzmarktaufsicht) in January, 2015, published and notified to Germany, which is available free of charge during ordinary business hours at the regional seat of STRABAG SE and which can be reviewed in electronic form on the website of the issuer (www.strabag.com). Any offers received prior to the commencement of a public offer will be rejected.

This presentation does not constitute an offer to purchase any securities of STRABAG SE in the United States of America or in any other jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation. Users of this document are requested to inform themselves about and to observe any such restrictions. Failure to comply with these restrictions can constitute a violation of applicable securities laws. Outside of Austria and Germany any offer will be made only as a private placement to certain qualified institutional investors, in compliance with all applicable securities laws. In the United States of America, the securities may be offered and sold only to qualified institutional buyers under Rule 144A under the Securities Act, and outside the United States of America to persons other than U.S. persons in compliance with Regulation S.

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2 3

4

1 STRABAG AT A GLANCE THE STRABAG STRATEGY

FINANCIAL PERFORMANCE

APPENDIX

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1 STRABAG AT A GLANCE

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STRABAG AT A GLANCE

1

● Output volume 2013: € 13.6 bn

● EBITDA 2013: € 695 m

● Net income after minorities 2013: € 114 m

● 72,000 employees

● Equity ratio: > 30%

● Net cash 2013: € 74 m

● Strong brands: STRABAG & Züblin

FACTS & FIGURES

Germany43%

Austria15%

CEE25%

Rest of Europe

11%

Rest of World

6%

MARKETS

OUTPUT VOLUME BY REGION (2013)

Source: www.gtai.de, company information

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#1

#2#1

#1#1

#4

#2

#1#3

SaudiArabia

OmanAbu Dhabi

Qatar

#2

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LARGEST PROJECTS IN PROGRESS

Country Project

Order backlog

in €m

As % of total

order backlog

ltaly Pedemontana motorway 1,015 7.5

Chile Hydro power plant Alto Maipo 372 2.8

Austria Koralm Tunnel, lot 2 324 2.4

GermanyStuttgart 21,under-ground railway station 314 2.3

United ArabEmirates STEP wastewater systems 189 1.4

Germany Jena University Hospital 164 1.2

Germany Upper West Berlin 161 1.2

Germany Albabstieg Tunnel 149 1.1

Italy Grosseto–Siena motorway 107 0.8

Poland S8 Opacz–Paszków 106 0.8

Total 2,903 21.6

NO SPECIFIC EXPOSURE TO ANY LARGE PROJECT (DEC. 2013)

1

STEP wastewater systems

S8 Poland

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FLAGSHIP PROJECTS – EXAMPLES

Upgrade and operation of A8 from Ulm to Augsburg

Size: € 205 m (=50% share)

Project schedule: 2011–2016

Project scope: upgrading to a six-lane motorway and operate and maintain it for 30 years

PPP-MOTORWAY A8 –GERMANY

Construction of S8 between Walichnowy and SieradzPołudnie

Size: € 254 m

Project schedule: 2012–2014

Project scope: construction of two expressway segments, bridges and service area

EXPRESSWAY S8 –POLAND

Construction of the new Central Station in Vienna

Size: € 59 m (=27% share)

Project schedule: 2009–2015

Project scope: theconstruction includes all adjoining buildings, shopping facilities and underground parking

CENTRAL STATION VIENNA – AUSTRIA

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Construction of the new headquarter in Frankfurt/Main

Size: € 185 m

Project schedule: 2010–2013

Project scope: Construction consisting of two polygonal towers, which are connected by an atrium

EUROPEAN CENTRAL BANK – GERMANY

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FLAGSHIP PROJECTS – INTERNATIONAL

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Size: € 36 m

Project schedule: 2014–2017

Project scope: all earth and concrete works for the intake structures, an open-channel waterway, a turbine hall and a stilling basin

HYDROELECTRIC POWER PLANT – CHILE

Size: € 45 m (=50% share)

Project schedule: 2014–2016

Project scope: new berthing quay, quay facilities, relocation of container cranes, extension of the container storage area and the construction of annex buildings, modernisation of existing harbour facilities

CONTAINER PORT –MAURITIUS

Size: € 9 m

Project schedule: 2012–2014

Project scope: construction of a drinking water treatment plant and supply network (photovoltaic installation)

WATER TREATMENT PLANT – GHANA

Size: € 54 m

Project schedule: 2014–2017

Project scope: excavation of two 60 m deep shafts and a 6.3 km rock-bored tunnel (4.1 km onshore and 2.2 km offshore)

OUTFALL TUNNEL –CANADA

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BUSINESS SEGMENT CONTRIBUTION 2013

North + West South + East

International +

Special Divisions

Regions / Areas

Germany, Poland, Benelux, Scandinavia /

Ground and Hydraulic Engineering, Offshore Wind

Austria, Switzerland, Hungary, Czech Republic, Slovakia,

Adriatic region, Russia and neighbouring countries,

Rest of Europe /Environmental Technology

International / Tunnelling, Construction Materials (except

asphalt), Property & Facility Services, Real Estate and

Infrastructure Development(concessions)

Output volume (€m) 6,021 4,593 2,822

Order backlog (€m) 5,451 3,805 4,202

EBIT (€m) 73 138 70

EBIT margin (%) 1.3 3.1 2.8

Employees 22,695 21,089 23,575

1

44% of output volume 34% of

output volume

21% of output volume

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4th, non-operating segment „Others“, output volume 1%, not shown

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KEY FINANCIALS

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∆% was calculated with original, not rounded figures � therefore, rounding differences may occur.

(€m) 9M/2014 9M/2013 ∆% 2013 2012 ∆%

Output volume 9,712 9,609 1 13,573 14,043 -3

Revenue 8,892 8,806 1 12,476 12,983 -4

EBITDA 350 329 6 695 608 14

EBIT 64 40 62 262 207 26

Net income after minorities 14 -2 n.m. 114 61 87

Cash flow from operating activities -109 -117 7 694 269 158

Cash flow from investing activities -381 -257 -48 -332 -447 -26

Balance sheet total 10,494 10,299 2 10,561 10,138 4

Group equity 3,169 3,111 2 3,239 3,163 2

Equity ratio 30.2% 30.2% 30.7% 31.2%

Net debt (+)/Net cash (-) 472 605 -22 -74 155 n.m.

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STABLE SHAREHOLDER STRUCTURE

HaselsteinerFamily25.5%

UNIQA/ Raiffeisen26.5%

RasperiaTrading

25.0%+ 1 share

Free float13.0%

Treasury shares10.0%

SHAREHOLDER STRUCTURE 7/2014

● Core shareholders account for the majority 77%

stake

● Flexibility: Strategic decisions can be taken and

implemented very fast.

● Share buyback programme July 2011–May 2013;

acquisition of 10% of shares

COMMENTS

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2 THE STRABAG STRATEGY

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A EUROPEAN-BASED TECHNOLOGY GROUP FOR CONSTRUCTION SERVICES

„STRABAG is a European-based technology group for construction services,

a leader in innovation and financial strength. We create added value for our

clients by integrating the most diverse services and assuming responsibility

for them: We bring together people, materials and machinery at the right place

and at the right time in order to realise even the most complex construction

projects – on schedule, of quality and at the best price.“ (The STRABAG Vision)

2

STRABAG takes an agreed scope of responsibility and part of the risk, thereby relieving the client e.g. of the risk of delays and cost overruns.

Professional and market experience as well as financial strength needed to create added value

Helps clients meet their goals (time, quality, lower costs)

Technology/Innovation: Differentiation through superior technology and innovative solutions

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THE STRABAG STRATEGY

(1) Margin Upside

− Strategic priority: Strengthening risk and opportunity management

− Strategic priority: Implementing efficiency-rising measures proposed by task force

(2) Flexible Business Model, Selective Diversity

− Strategic priority: Showing flexibility

− Strategic priority: Staying diversified

− Strategic priority: Offering top technology and sustainability

(3) Financial Strength

− Strategic priority: Maintaining financial strength

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(1) MARGIN UPSIDE: TARGETS

2

MID-TERM TARGET OF 3% EBIT MARGIN

● Task Force

− Streamline overhead costs

− Organisational development

− Measures currently and continuously being implemented

● Comprehensive risk management

TOP-LINE GROWTH AS OF 2016 EXPECTED

● Output volume 2014e: € 13.6 bn (stable vs. 2013)

● Grow share of non-European operations to 10% by 2016

− Americas, Middle East, Asia, Africa

− 2013: 6%

-5%-2%

12%

-2% -3%

-5%

12%

2009 2010 2011 2012 2013

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2.3% 2.4% 2.4%1.6%

2.1%3.0%

0%

4%

2009 2010 2011 2012 2013 2016

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(1) MARGIN UPSIDE: RISK MANAGEMENT

2

● Four-eyes-principle

● Contract Management (most risks occur prior to the signature of the contract)

● Internal price committees (including a STRABAG SE board member when project volume ≥ € 70 m)

● Internal Audits

● Organisational structure with central divisions

● Management information system:

“We have developed a management information system that helps us to ensure that the same standards apply in all regions where STRABAG is active. This means: clear criteria for the assessment of new projects, a standardisedprocess for the submission of bids and control systems serve as filters to avoid loss-bringing projects.”

Thomas Birtel, CEO

RISK MANAGEMENT INSTRUMENTS

● Joint Venture with the client

● Cost + fee

● Guaranteed maximum price

● Lump-sum

● Unit pricing

TYPES OF CONTRACTS

COMPOSITION OF THE ORDER BACKLOG

22 %Total of the ten largestprojects in the order

backlog

15,315Construction sites

per year

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ORDER BACKLOG (€M)

(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE OVER A VOLATILE PERIOD

2

13,021 12,77714,326 14,043

13,573

0

20000

2009 2010 2011 2012 2013

OUTPUT VOLUME (€M)

EBITDA (€M) AND EBITDA MARGIN (%) EBIT (€M) AND EBIT MARGIN (%)

2010 EBITDA and EBIT figures include a positive one-off of € 24.6 m and € 10.6 m, respectively.

14%

-3%

684 735 746

608695

0

1000

2009 2010 2011 2012 2013

5.5%5.9%

5.4%

4.7%

5.6% 283 299 335

207262

0

1000

2009 2010 2011 2012 2013

2.3%2.4% 2.4%

1.6%2.1%

26%

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13,968 14,73913,354 13,203 13,470

0

20000

2009 2010 2011 2012 2013

2%

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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: SUBCONTRACTING AND PORTFOLIO MIX

SUBCONTR. BUILDING & CIVIL ENGINEERING

● Diversifying selectively

● Top market positions in stable home markets

● Growing share of non-European countries

Own70%

Sub-contractors

30%

SUBC. TRANSPORTATION INFRASTRUCTURE

2

DIVERSIFIED PORTFOLIO BALANCES CYCLICAL/PROJECT-DRIVEN NATURE OF CONSTRUCTION

Bond Investor Presentation January 2015

Own30%

Sub-contractors

70%

Building Construction &

Civil Engineering

40%

Transportation Infrastructure

37%

Services 7%

International 6%

Tunnelling 5%

Construction materials 3% Concessions 2%

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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: OWN DENSE CONSTRUCTION MATERIALS NETWORK

● Asphalt mixing plants 301(2)

● Concrete mixing plants 165(2)

● Total quarries and gravel pits 178(2)

● Cement mixing plants 6(3)

● Production of 3.7 m m³ of concrete, 15.2 m tons of asphalt and 1.0 m tons of cement in 2013

● More than € 2.2 bn tons reserves of stone and gravel

● Sales revenue of € 575 m in 2013

STRABAG FACILITIES(1)

● Hedge against price fluctuations, securing supply

● Existing quarries as effective entry barriers – lack of permits for new sites

● 30% in joint venture (at equity-consolidated since Q3/2011) with Lafarge secures access to cement in Austria, Hungary, Czech Republic, Slovenia.

● Further optimisation of raw materials network and increased self-sufficiency except in asphalt

OWN COVERAGE OF MATERIAL NEEDS (%)

2

HIGHLIGHTS

(1) As of December 2013, (2) Includes active facilities from joint ventures and associates, (3) JV with Lafarge, STRABAG share 30%

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84%

29% 26%18%

83%

28%18%

0%

100%

Asphalt Concrete Cement Stone/Gravel2013 2012

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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: STEADY INCOME THROUGH CONCESSION BUSINESS

2

NUMBER OF STRABAG’S PPP(1) PROJECTS

● Focus on infrastructure and large public buildings

● PPP/BOT(1) in home markets, Eastern Europe and increasingly in selected international markets (insufficient legal framework in some countries)

● Growing importance as public procurement method due to cost advantages and austerity programmes

● High barriers to entry due to necessary PPP expertise and financial strength

SELECTED PPP PROJECTS

PPP STRATEGY

(1) Public-Private Partnership/Build-Operate-Transfer

Vocational schools, Germany Motorway A8, Germany

COUNTRY PROJECTTOTAL

COST (€M)% SHARE

CONCESSION UNTIL

STATUS

PL A2 Section II 1,543 10 2037 Operation

HU M5 Motorway 1,292 100 2031 Operation

HU M6 Motorway 966 30 2037 Operation

PL A2 Motorway I 880 10 2037 Operation

GERSchools,Hamburg

301 50 - In progress

GERMinistries, Potsdam

16 100 - In progress

2933

35 36 36

0

40

2009 2010 2011 2012 2013

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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: PROPERTY & FACILITY SERVICES

2

TARGET MARKETS

● Output 2013: € 955 m

● ~ 10,700 employees

● ~ 30 m m² managed area

● ~ 56,800 objects in portfolio(1)

● Active in 12 countries

● „Top Arbeitgeber in Deutschland 2014“ (Top Employer in Germany 2014)

● September 2014: Acquisition of DIW strengthens#2 market position in German facility management

● Consolidated in the International + Special Divisions segment

KEY FACTS 2013

PROJECTS UNDER MANAGEMENT

(1) without residential units

Deutsche Telekom AG, Germany

Tower 185, Frankfurt, Germany

City Tower, Praha, Czech Republic

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(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: CASE STUDY – CENTRAL TECHNICAL DIVISION / TPA

● Central Technical Division – organisation in charge of planning and execution of R&D projects

● Focus on building construction and civil engineering

● >750 employees in 21 locations; personnel cost ~ € 50 m p.a.

● R&D spending increased 13% in 2012 to € 17 m

● TPA – organisation focused on optimising technical processes, workplace safety and quality

● Focus on transportation infrastructure

● STRABAG’s competence centre for quality management and construction R&D

● 900 employees in 130 locations

STRABAG AND PEERS: R&D/TECHNICAL DIVISION STAFF HEADCOUNT

2

1.1%

3.2%

1.9%1.5%

0.6%0.2% 0.2% 0.1% 0.1%

0%

4%% of total headcount

STRABAG Peers

0 0

753500 500 450

150 125 105 100 90

0

1600Number of employees

900

STRABAG Peers

Central Technical Division

TPA

1700

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(3) FINANCIAL STRENGTH AS COMPETITIVE ADVANTAGE

2

RATING

● STRABAG SE is one of the few European construction companieswith an official corporate credit rating.

● S&P confirmed investment grade rating BBB-, stable outlook, in August 2014

− vertical integration and strategic access to construction materials

− strong liquidity position & track record of relatively stable margins

− indicators necessary for investment grade rating still offerconsiderable flexibility in terms of investments and acquisitions

● Target: maintain investment grade credit rating

EQUITY RATIO

NET CASH

● High equity ratio of 31% despite share buyback (sector average 19%)

● Target: maintain equity ratio of ≥ 25%

● Net cash of € 74 m end of 2013

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(3) FINANCIAL STRENGTH: DIVERSIFIED FINANCING

DEBT REPAYMENT PROFILE (€M)

● Cash and surety credit lines (31 Dec. 2013): € 6.7 bn (thereof cash credit lines of € 0.6 bn)

● Bond issues outstanding:

− € 200 m, 3.00%, 2013–2020

− € 100 m, 4.25%, 2012–2019

− € 175 m, 4.75%, 2011–2018

− € 100 m, 4.25%, 2010–2015

● € 2 bn syndicated surety loan (at least by 2019)

● € 400 m syndicated cash credit line (at least by 2019)

DIVERSIFIED MEANS OF FINANCING

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7.5

100.0

175.0

100.0

200.0

116.5 23.5

0

400

2014 2015 2016 2017 2018 2019 2020Bonds Bonded loans

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3 FINANCIAL PERFORMANCE

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SEASONAL BUSINESS

3,8633,680

2,309

3,827

4,1694,020

2,263

3,774

4,0753,932

2,135

3,508

3,966 3,964

2,344

3,436

3,932

203

106

-145

162191

127

-165

-2168 205

-172

162 222

-500

4500

Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14

Output volume EBIT

49-164

56

172

QUARTERLY DEVELOPMENT OF OUTPUT VOLUME AND EBIT (€M)

3

(1) EBIT/revenue

3.2%

-7.5%-6.6%

5.0%

5.3%

4.4%

2.9%

4.7%

-0.1%

5.6%

-8.6%

1.6%

4.4%EB

IT m

arg

in(1

)

Bond Investor Presentation January 2015Page 26

6.2%

-7.6%

1.7%

4.9%

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ORDER BACKLOG + 10 %, STABLE OUTPUT VOLUME

OUTPUT VOLUME (€M)

3

9,712 9,609

13,573

0

20000

9M/14 9M/13 2013

● Favourable weather conditions in Germany

● Several other markets down slightly

Bond Investor Presentation January 2015Page 27

1%

ORDER BACKLOG (€M)

15,40013,999 13,470

0

20000

9M/14 9M/13 2013

10% ● New industrial construction projects in Russia

● Large orders also in Chile, Slovakia, Romania andDenmark

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350 329

-150

750

9M/14 9M/13 2013

DOUBLE-DIGIT GROWTH IN EBIT

EBITDA (€M)

EBIT (€M)

3

● Efficiency gains, among others, resulted in an increase in EBITDA by 6 %

● Depreciation and amortisation at about last year’s level

6%

Bond Investor Presentation January 2015Page 28

64 40

262

-450

0

450

9M/14 9M/13 2013

62%

695

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(€m) 9M/14 2013

Share capital 114 114

Capital reserves 2,311 2,311

Retained earnings 429 492

Non-controlling interests 315 322

Equity 3,169 3,239

Provisions 989 995

Financial liabilities 1,220 1,354

Trade payables & other liab. 81 78

Deferred taxes 36 39

Non-current liabilities 2,326 2,466

Provisions 640 696

Financial liabilities 454 369

Trade payables 3,088 2,936

Other current liabilities 817 855

Current liabilities 4,999 4,856

Liabilities & equity 10,494 10,561

(€m) 9M/14 2013

Intangible assets 500 502

PP&E & investment property 2,098 2,183

Associated companies 365 372

Other financial assets 350 253

Concession receivables 735 780

Trade and other receivables 114 109

Deferred taxes 242 217

Non-current assets 4,404 4,416

Inventories 1,022 1.105

Trade and other receivables 3,907 3,303

Concession receivables 26 25

Cash and cash equivalents 1,135 1,712

Current assets 6,090 6,145

Total assets 10,494 10,561

EQUITY RATIO REMAINS HIGH AT MORE THAN 30%

ASSETS(1) LIABILITIES AND EQUITY(1)

3

(1) Rounding differences might occur.

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(€m) 9M/14 ∆% 9M/13

Cash – beginning of period 1,685 25 1,351

Cash flow from earnings 258 4 248

∆ Working Capital -367 -1 -365

Cash flow from operating activities -109 7 -117

Cash flow from investing activities -381 -48 -257

Cash flow from financing activities -80 n.m. 76

Net change in cash -569 -91 -298

FX changes -7 41 -12

Change restricted cash 9 62 5

Cash – end of period 1,117 7 1,046

HIGHER CFI DUE TO ACQUISITION OF DIW AND PURCHASE OF FINANCIAL ASSETS

3

Rounding differences might occur.

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4 APPENDIX

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OUTPUT VOLUME BY COUNTRY

4

(1) CAGR over period 2009–2013; (2) Russia and neighbouring countries

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(€m) 2009 2010 2011 2012 2013 CAGR(1) (%)

Germany 5,380 5,051 5,609 5,779 5,789 2

Austria 1,981 1,907 1,985 1,888 1,982 0

Poland 993 1,352 1,719 1,139 787 -6

Czech Republic 786 867 769 646 645 -5

RANC(2) 282 351 487 527 561 19

Scandinavia 199 248 512 579 510 26

Hungary 832 580 436 393 496 -12

Benelux 221 284 360 456 400 16

Switzerland 378 370 574 425 386 1

Slovakia 480 427 441 400 340 -8

Middle East 350 295 309 305 323 -2

Romania 161 165 206 372 322 19

Americas 162 246 257 348 263 13

ltaly 108 128 186 157 168 12

Africa 168 136 63 125 165 0

Croatia 149 92 106 130 133 -3

Asia 84 89 109 111 103 5

Other European Countries 168 65 44 83 81 -17

Slovenia 67 43 49 81 67 0

Serbia 37 45 87 72 31 -4

Bulgaria 35 36 18 27 20 -13

Total 13,021 12,777 14,326 14,043 13,573 1

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0.14-0.02

1.11

-2

2

9M/14 9M/13 2013

14-2

114

-200

200

9M/14 9M/13 2013

EARNINGS PER SHARE MOVED INTO POSITIVE TERRITORY

NET INCOME AFTER MINORITIES (€M)

● Net interest income slipped from € -19 million to € -25 million

● Profit of € 6 million attributable to third-party shareholders

● Net income after minorities moved from negative into positive territory

EARNINGS PER SHARE (€)

4

n.m.

Page 33

n.m.

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2012 (€M) CONSTRUCTION OUTPUT STRABAG OUTPUT MARKET SHARE (%)

Germany 275,506 5,779 2.1

Austria 32,586 1,888 5.8

Hungary 7,410 393 5.3

Czech Republic 17,448 646 3.7

Poland 45,980 1,139 2.5

Slovakia 4,595 400 8.7

Switzerland 52,384 425 0.8

Benelux 101,377 456 0.4

Romania 17,902 372 2.1

Italy 172,153 157 0.1

Scandinavia 133,533 579 0.4

RANC 170,917 527 0.3

Croatia 3,120 130 4.2

Slovenia 1,459 81 5.6

Serbia 2,040 72 3.5

Bulgaria 6,035 27 0.4

STRABAG MARKET SHARE DATA

4Bond Investor Presentation January 2015Page 34

Sources: Euroconstruct December 2013, EECFA Country Reports September 2013, company data

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THE MANAGEMENT BOARD

Thomas Birtel, CEO (second left) ● Joined STRABAG in 1996

● Management Board member since 2006

● Born 1954 Education: Economics

Christian Harder, CFO (second right) ● Joined STRABAG in 1994

● Management Board member since 2013

● Born 1968 Education: Business Administration

Peter Krammer, Head of North + West segment (left) ● Joined STRABAG in 1998

● Management Board member since 2010

● Born 1966 Education: Civil Engineering

Siegfried Wanker, Head of South + East segment (right) ● Joined STRABAG in 1994

● Management Board member since 2011

● Born 1968 Education: Civil Engineering

Hannes Truntschnig, Head of International + Special Divisions segment (centre) ● Joined STRABAG in 1981

● Management Board member since 1995

● Born 1956 Education: Engineering and Business Administration

LONG RECORD OF EXPERIENCE WITHIN STRABAG AND IN THE CONSTRUCTION SECTOR

4

Over

100years combined experience at STRABAG

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FINANCIAL CALENDAR AND IR CONTACT

● Full-year results 2014 29 April 2015

● Interim Report January–March 2015 29 May 2015

● Semi-Annual Report 2015 31 August 2015

● Interim Report January–September 2015 30 November 2015

Diana Neumüller-Klein, CFAHead of Investor Relations & Corporate Communications+43 1 [email protected]

www.strabag.com

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STRABAG SEBOND ISSUE 2015INVESTOR PRESENTATION

JANUARY 2015